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Wednesday, 8 February 2017

Lok Sabha passes bill on demonetisation

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The Lok Sabha on Tuesday passed the bill to ban old banknotes of Rs 500 and Rs 1,000 and provides for punishment for holding such currency notes. The Specified Bank Notes (Cessation of Liabilities) Bill, 2017, seeks to replace the ordinance on demonetisation promulgated by the government in December 2016.

Replying to the debate on the bill which was passed after amendments by the opposition were negatived, Finance Minister Arun Jaitley said the decision on demonetisation was not easy. He said the government had been holding consultations with the Reserve Bank of India from February last year.